Or just buying time?
In response to several notices of breach of contract that managers Monte Cox and Cesar Gracie filed, ProElite has informed them that EliteXC still plans on promoting events.
“Elite XC and ProElite are currently downsizing its staff in an effort to improve its business moving forward,” the notice states. “As this process is implemented, Elite XC cancelled the event previously scheduled for Nov. 8 in attempt to re-schedule another event in early 2009.”
Of course, ProElite is still drowning in debt and has less than $500,000 cash with no signs of a white knight coming to rescue them from financial ruin. That begs the question, exactly how is ProElite going to hold another event in 2009? Well, from the looks of it, they aren’t. Instead, it appears this is just ProElite buying more time while they figure out what their best options are. But since no one seems to be able to reach anyone from ProElite for comment on the situation, the best everyone can do is speculate. Here’s the business savvy folks over at MMA Payout’s take on the situation.
The announcement is similar in tone to the ones made by the IFL during it’s period of suspended animation. The statement comes off more as lip service meant to buy time than any concrete plan for the future. Regardless, contractual obligations by EliteXC to is fighters will need to be met with in the near term in order for the promotion to claim any tenuous grasp over their fighters. It should be interesting to see if that is possible and where the funding would come from.
The ones involved, Gracie and Cox, both believe ProElite is just buying time. As far as Cox is concerned, he’ll do whatever it takes to keep his clients working, whether that involves ProElite again or not.
“It appeared to be obvious that they were going to cease operations, and if that’s the case, my guys have got to make a living. If they’re going to continue to fight and they are going to honor the contract, that’s fine, we’ll honor the contract. But (Elite) has to prove to me that they’re really going to do this. Sending me a letter saying we plan to have a fight in 2009, that doesn’t prove to me that you’re going to be in business. So we’re going to need a little more than that.”
They just couldn’t go away quietly, could they?